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Some at the big end of town are worried that Mr Abbott may keep his solemn promise to repeal the carbon tax. No doubt they and their smart lawyers fear losing the clever green schemes that rely on ripping off tax payers, consumers and other businesses.

Australia’s wealth and jobs have always rested on three legs – mining and farming, making and processing things, and rich foreigners; in short, resources, manufacturing, and money from tourists and investors.

The Gillard carbon tax will white-ant all three legs.

Mining and farming rely on draglines, dozers, scrapers, trains, trucks, bulk carriers, tractors, generators, pumps and machines of all kinds. All need cheap reliable energy. Their energy comes from diesel fuel or coal powered electricity. A tax on carbon will sap their energy and reduce their ability to generate jobs and national wealth.

Our processing and manufacturing industries rely on cheap electricity produced from our marvellous deposits of coal and natural gas. Greens have demonised these national assets and their carbon tax will undermine all Australian industries. Investors always look ahead. Already the threat of a carbon tax has reduced the asset value of every base load power station in Australia. Already one of the biggest, running on Victorian brown coal, is reporting financial stress and may close. We cannot run steel works, refineries or big cities on sunbeams and sea breezes.

Australia is remote from most of the world, and tourists must travel vast distances to get here. They need planes, trains, ships, buses and cars, all powered by carbon energy from petrol, diesel or gas. The carbon tax will strike at the heart of this industry. Harassed by the carbon footprint harpies, tourists may choose to stay home and go camping in their own backyards.

Finally, Australia is leading the world with the most onerous and widely applied carbon tax. This is already deterring the foreign investors who for generations have risked their savings to create businesses and jobs in Australia. Even now, the threat of a carbon tax is increasing capital shortage and debt stress in Australia.

There is no good news in the carbon tax story – no climate benefits, no real jobs and more costs for consumers. And it is white-anting the three legs supporting the Australian economy. Unlike the big end of town, thinking Australians are worried that Mr Abbott may renege on his solemn promise to repeal the carbon tax.

That would really leave Australia powerless and legless in the global storms.